Yesterday's bullish attempts topped with an obvious spinning top candlestick pattern around 113% Fibonacci projection for the entire downside wave from 1.5665 to 1.5230 as seen on the provided four-hour graph. This aforesaid candlestick has sent the pair downwards activating a breakout below the momentum support of Stochastic while RSI 14 continued presenting overbought signals. Therefore, we hold onto our bearish predictions over intraday basis; noting that a breakout below 1.5615 is required to confirm the scenario.
The trading range for today is among key support at 1.5460 and key resistance at 1.5880.
The general trend over short term basis is to the downsidetargeting 1.4225 as far as areas of 1.6875 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair below 1.5615 targeting 1.5420 and stop loss above 1.5730 might be appropriate.|